Performance "in key European markets was good and results in Vietnam and Mexico were strong," he added in a statement.

However in "Africa, Middle East and Eastern Europe market conditions remained tough" especially in Nigeria, the Democratic Republic of Congo and Russia.

Globally, there has been fervent consolidation in the brewing industry.

In October, the world’s biggest brewer Anheuser-Busch InBev, makers of Budweiser, Corona and Stella Artois, confirmed the sale of major businesses in Africa, Europe and Asia as it completed the mega-takeover of rival SABMiller.

The new company, which emerged from the historic tie-up, has cemented its dominant position as the world’s top beer maker, and is called AB InBev.

The beer market is also evolving to focus on artisan brews, leading to smaller "microbreweries" that focus on quality rather than quantity.

Heineken said it was proposing a 1.34 euro dividend per share, up slightly from 1.30 euros in 2015.

"Excluding major unforeseen macro economic and political developments as well as the impact of the proposed acquisitions in Brazil and in the UK, we expect continued margin expansion in 2017," Van Boxmeer added.

Japanese brewery Kirin announced on Monday that it would sell its Brazilian unit to Heineken for $706 million citing "a stagnant and competitive" market.

Kirin has concluded "there are certain limitations in transforming Brasil Kirin into a sustainable and high-profitable business on its own," it said in a statement.